Safeguard Scientifics, Inc. (NYSE:SFE), a holding company that builds value in growth-stage life sciences and technology companies, today announced it led a $17.4 million Series B financing round for Quinnova Pharmaceuticals, Inc., with participation from existing investors Thomas, McNerney & Partners and H.I.G. BioVentures. Quinnova will use the proceeds to fund a Phase III clinical trial for an NDA product, expand its sales and marketing capabilities, facilitate the company’s other NDA and medical device clinical trials, and fund research and development initiatives to bring new products to market.
Quinnova is a specialty pharmaceutical company that develops and markets novel topical delivery platforms-based prescription dermatology drugs. The company’s FDA-approved Proderm Technology™ Delivery System (“Proderm”) addresses the need for improved cost-effective treatment options, while simultaneously enhancing efficacy and patient compliance in skin disorders, such as dermatitis, fungal infection, psoriasis and acne. Easily applied and rapidly absorbed, Proderm’s activity is based on its ability to ‘Protect – Repair – Hydrate’ the natural skin barrier. It protects from external irritants by forming an invisible membrane and facilitates the repair of the natural skin barrier by providing essential nourishment to the skin in the form of free fatty acids. Proderm Technology™ is fragrance-free, non-comedogenic, non-alcohol and non-greasy. Quinnova currently has several prescription medications on the market, including its FDA-approved NEOSALUS brand of foam and cream, which are available through dermatologists, podiatrists and pediatricians. Because of its flexibility Proderm presents an excellent platform for future product development in a variety of indications.